Have I recently crippled my credit score?

Matt-H_5

Never ever ever been refused credit in the past 9 years but suddenly have.

For the last 2 years 10 months; since the birth of my daughter. I have been paying off my partners debts from my bank account via DD and phone switch payments. These total around £200 a month, with no end date available from the companies moorcroft group being one of them and rbs , I also pay my mortgage £500, all the life policies and insurances. car insurance food etc......... form the same bank account.
Currently I am paying the minimum off my Credit card 5.9% and the it is near the 5k limit.
Whenever I try to apply for 0% credit card, loans etc. I get the brush off.

Have I wrecked my previously unblemished credit rating.

Dumbledore55

You shouldn't have - reasons for refusing tend to be:


Not on the electoral roll

Too many credit cards already or too much credit available on the cards you have

CCJs

Missing payments on debts

Too many recent searches on your credit report

Just the whim of that particular credit card company

Why don't you apply for the 30 day free trial on Experian and have a look. Remember to cancel before the 30 days is up or you'll have to pay.


I did that and found a load of old credit cards I hadn't cancelled. Its very easy to sort all that out.

rog2

Your partner's credit rting should have no effect on your personal rating, unless you have joint accounts or debts.

Matt-H_5

:beer: thanks for the prompt reply i will search for the experian trial. i assume it eill be on here somewhere.

all_hours

Sign up to quidco and you can get £5 cash back if you sign up for the free trial.

quidco.co.uk

rog2

Sorry to come back to you, but a few warning lights are flashing in my head.
You say that YOU are paying off your partner's debts, via direct debit or switch payments, and that you are dealing with companies including Moorcroft, who are Debt Collection Agencies.
A couple of questions:
1. Are you dealing with these companies as a representative of your partner, i.e. with her written authorisation, or have you taken over responsibility for any of these debts, by agreeing to do so with either a creditor or a Debt Collection Agency?
2. You say that there is no completion date with the debt you are paying through Moorcroft. Are you still paying interest and charges on this debt?

There is a lot of help, and advice, available on how you can deal with your partner's debt ( and how to prevent it from affecting your credit rating). This advice is, unfortunately, not always pointed out to you by DCAs, such as Moorcroft, and there is always a temptation, to think that they would be acting more in their own interests than in those of your partner, or yourself.

If your partner, or you on her behalf, would like to post a SOA, then people on this forum could advise you on the best plan of action, and also advise if you are being treated fairly and legally by your creditors or their agents.

Matt-H_5

SOA ???? not used to abbreviations from this site.

I have signed to no responsibilty but just paying from my account as partner doesn't have one.
I just get my partner to use my switch card over the phone and they ask for my permission to use the account for payment.
Moorcroft are not charging any interest but cannot give me a definite date for completion of the payments so was thinking of getting a loan to pay them off so I at least know where I stand ie I have 5 years, 10 years of this to go etc etc.

rog2

Matt-H wrote:

SOA ???? not used to abbreviations from this site.

I have signed to no responsibilty but just paying from my account as partner doesn't have one.
I just get my partner to use my switch card over the phone and they ask for my permission to use the account for payment.
Moorcroft are not charging any interest but cannot give me a definite date for completion of the payments so was thinking of getting a loan to pay them off so I at least know where I stand ie I have 5 years, 10 years of this to go etc etc.

SOA = Statement of Affairs - listing income/expenditure.

If you are paying a set amount to Moorcroft, then they MUST be able to give you a definite settlement date, providing, of course that you keep to payments.

Posting a SOA would give others a chance to advise as to whether it would be a good or bad idea to take out a consolidation loan, to pay off debts.

Generally, this turns out to be the less favoured option, as it usually means paying the loan off at a reduced monthly payment, but over a much longer term - net result (generally) is that, although monthly payments are less, you end up paying a lot more. Also not usually best idea to secure loan against property (often suggested by Debt Collection Agencies).

If you don't want to post your SOA, then why not talk to one of the debt help charities, like National Debtline, Citizens' Advice, Consumer Credit or PAYPLAN - there are links to their websites at the top of this page. These organisations can give independent, and free, advice as to the best way to deal with your situation.

Matt-H_5

just looked at my credit report.
found 25 unused listed items such as credit cards and old mortgages.what do i do now? do i need to get all the settled items changed to no longer in use by the compnanies? or Is it just the £0 balance with £xxx credit limit that are affecting me now.

Thanks in advance

mountainofdebt

then cancel them.

However I always understood that cancelled cards / paid off mortgages etc were listed as settled.

Matt-H_5

so the stuff listed as settled can be just left as it is??